Obama to Speak Friday on Transition Plans

With two-day
stock market tumble following Tuesday's U.S. presidential election, investors and traders wonder what the implications of an administration led by president-elect Barack Obama would be.

Today, two days after being elected to serve as the
44th president of the U.S., Obama appointed his chief of staff, Congressman Rahm Emmanuel (D., Ill.), to serve with him in the White House. Obama's campaign also announced he would meet with his financial advisors on Friday.

Emanuel's appointment marks his return to the White House. He served seven years under President Bill Clinton, and after a stint in the private sector has been serving in Congress for the past six years.

"Though Rahm understands how to get things done in Washington, he still looks at the world from the perspective of his neighbors and constituents on the Northwest Side of Chicago, who work long and hard, and ask only that their government stand on their side and honor their values," said Obama in announcing the appointment.

In accepting the appointment, Emanuel addressed the need for bipartisan unity in the coming days and explained how he'd help the president-elect rally support for his agenda:

"I want to say a special word about my Republican colleagues, who serve with dignity, decency and a deep sense of patriotism. We often disagree, but I respect their motives. Now is a time for unity ... I will do everything in my power to help you stitch together the frayed fabric of our politics, and help summon Americans of both parties to unite in common purpose."

Obama's financial team includes a star-studded list of economists and business professionals, including former Treasury secretaries Robert Rubin and Larry Summers, former
Federal Reserve Chief Paul Volcker,
Berkshire Hathaway's Warren Buffet,
Google's Eric Schmidt,
Time Warner's Dick Parsons,
Xerox's Anne Mulcahy, TIAA-CREF's Roger Ferguson, former
Securities and Exchange Commission chair William Donaldson and former SEC Commissioner Roel Campos, among others.

Despite charges of socialism in the campaign, his advisers are market focused centrists similar to the team that aided President Bill Clinton.

Obama plans to offer a report on the meeting, which will be held Friday afternoon in Chicago. He will hold a press conference for the first time since winning the election Tuesday night.

Obama's camp has moved quickly in terms of a transition team, formally named the Obama-Biden Transition Project. His team was ready to go and is led by John Podesta, Valerie Jarret, and current chief of Staff John Rouse.